Surging above $1 trillion, U.S. student loan debt has surpassed credit card and auto-loan debt. This debt explosion jeopardizes the fragile recovery, increases the burden on taxpayers and possibly sets the stage for a new economic crisis.

SOURCE
http://www.oregonlive.com/business/index.ssf/2012/04/nations_student_loan_debts_thr.html

The Democratic minority on the House Education Committee and Workforce Committee released new figures showing that more than seven million students will incur an additional $6.3 billion in repayment costs for the 2012-2013 school year if student loan interest rates double on July 1.

He's changing his name to Chrysler.

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It's generational. I'm not the only one. This makes me feel better. We live in Interesting Times indeed.

http://www.washingtonpost.com/local/many-gen-x-women-overworked-and-in-debt-take-a-pass-on-parenthood/2011/10/13/gIQA6dHdiL_story.html

That's my reaction, anyway. I never got a double A+ for doing stuff that foolish. The student loan bubble has yet to pop... Probably lots of these other agencies getting downgraded are also severely compromised. No one wants to admit it for fear of causing our house of cards to topple all at once...

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Economy/Business News Alert: S&P downgrades Fannie Mae and Freddie Mac
August 8, 2011 11:14:28 AM
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Standard & Poor’s Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.

The agency also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options.

All the downgrades were from AAA to AA+.

http://link.email.washingtonpost.com/r/O914NF/8ADZ6H/IEIEV7/H0P74R/G2BX7/4O/h

For more information, visit PostBusiness.com

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http://www.thepetitionsite.com/takeaction/652/965/447/?z00m=19981889

This is a petition asking for student loan debt to be forgiven so that we can go about the business of opening new businesses, instead of getting low paying stupid jobs just to be able to make monthly payments on our student loans. I've been saying for a while now that the student loan debt is the next bubble. Last year student loan debt surpassed credit card debt in the US. It's evident to me that I will probably not live long enough to repay my entire debt--I'm just not that young, and the economy is not looking great. I'm not saying I deserve a bailout: I own my foolishness taking on this debt. I'm willing to work hard for the rest of my productive life, and I'd like to give back. I always wanted to be a doctor. I've never had a debt before, and it was and is an uncomfortable decision. If there were prisons for debtors in the US then I wouldn't be too surprised to end up there. But we don't imprison debtors, we just harass them. It is that harassment and the suffering involved in mindless work that I would like to avoid, in favor of being able to concentrate on the business I would like to open, and the people that I would like to help. If the fed were to excuse my debt, I would be able to do more for public health than I otherwise could do.

NYT/CBS poll on mood of Americans: we're cranky, displeased
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https://www.mint.com/
Site for online account management and budgeting. Anybody know anything about it? So far I've heard good things but as always, with anything online, the greatest concern is security... I'm interested but will probably start very small. My spreadsheet budget has its limitations....

The new Republicans just moved in. First, they want to pass a bill that requires all new legislation pay for itself, and not add to the deficit. And they want to repeal the Healthcare Bill. Repealing it would add $230 billion to the deficit because the bill is a money-saver. Last but not least they want to exempt their repeal of the healthcare bill from the rule requiring that you have to fund whatever you pass. How can they justify this logic?

Funny, I feel better after studying the details of my student loan repayment agreement. I will do what I am able, I will serve, I will work hard. I am already good at paying bills on time; if it is possible I will do it. If it is not, well, so be it.

Behind the cut is government text---some of what I'm signing off on for my student loan. I am happy to learn that the loan is forgiven if I die (my family is not on the hook), though if I were to get married my husband would influence the governmental decision about how much I should be able to pay. That's sort of a bummer but I wasn't anywhere near getting hitched anyway. Also learned that if I default the entire amount becomes immediately due (nice joke) and then all they do is garnish wages and keep my tax returns....makes the Patch Adams approach somewhat more appealing.

https://studentloans.gov/myDirectLoan/index.action
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